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5 entries

Nov 12, 2019 1:58:00 PM | LGT Beacon

LGT Beacon: The rebound of risk-on sentiment is justified

Our constructive positioning is paying off: risk sentiment has started to improve and markets have duly rallied to new highs. Stable corporate revenue growth bodes well for future earnings, the macro data continues to point to a tentative recovery, while investors' expectations and positioning remain rather cautious. These factors justify higher valuations.

Oct 16, 2019 11:20:00 AM | LGT Beacon

LGT Beacon: Reiterating our cautiously constructive market outlook

Despite the so-called trade war, China's CSI 300 has rallied almost 30% year-to-date and the S&P 500 is up about 15%. Investors, it seems, are learning to live with the intensifying great power rivalry. With upward momentum having started to return to the markets, we keep our modest overweight in equities and our clear preference for the US.

Sep 11, 2019 1:40:00 PM | LGT Beacon

LGT Beacon: Strategy for final quarter: staying the course

The risks arising from the so-called trade war continue to loom over the usual late-cycle slowdown, but economic growth remains sufficient and central banks have become more accommodative. We are hence maintaining a modest overweight allocation to equities, with a defensive tilt, a preference for the US, and a bias to act counter-cyclically when opportunities arise. 

Aug 20, 2019 3:08:00 PM | LGT Beacon

LGT Beacon: Staying calm and acting counter-cyclically

August brought a monetary policy disappointment and revived Sino-American trade tensions, triggering a global pullback in risk assets. In late July, near the markets' top, we had trimmed US equities and increased our gold position. More recently, we bought Japanese equities, after our counter-cyclical investment rules produced a buy signal for that market.

Jul 19, 2019 3:08:00 PM | LGT Beacon

LGT Beacon: The case for a sustained bull market

A dovish monetary policy shift outweighed concerns about slowing economic growth and the so-called trade war, fueling the strongest first half-year US equity rally since 1997. The short-term upside thus looks rather limited, amid a relatively weak earnings season. In the medium term, a successful soft landing of the US economy should sustain further gains.